Business people in Davos consider creating global institutions to deal with capitalism at the global level and providing benefit for people on the street says Alan Buckle, Deputy Chairman of KPMG International.

­Talking to RT Mr Buckle says: “There is recognition that we need global institutions. Business at the moment is like a strong global corporation that works across boundaries and it is very difficult to harmonise regulation, tax regime and so on.”

Ordinary people in many countries feel their living standards are declining, while the global economy shows growth. “So we’ve got to find some way to have the institutions globally able to deal with issues created at the national level”, Mr Buckle stressed.

One of the main problems of remodelling capitalism is to make it more responsible, stressed Mr Buckle. “We have to recognize there could be some damage and that business has to work in a sensitive way to make sure that the needs of citizens are being looked after.”

In an interview with Business RT Alan Buckle talks about the problems in relations between modern society and 21st century capitalism and expressed his opinion on why the World Economic Forum is important for solving them.